Common use of Storage Variations Clause in Contracts

Storage Variations. Company shall bear any losses or gains that may occur while Company’s Crude Oil is in storage (such losses or gains, the “Storage Variations”), except to the extent that Storage Variations result from Holdings’ negligence or willful misconduct or the negligence or willful misconduct of Holdings’ employees, agents, contractors or subcontractors. Each Month, Holdings shall determine for each grade of Crude Oil the physical inventory of such grade of Crude Oil in storage and calculate the Storage Variation for such grade of Crude Oil. Company’s inventory of each such individual grade of Crude Oil in storage at a Terminal shall then be adjusted each Month (increased or decreased) to reflect the Storage Variation.

Storage Variations. Company shall bear any absorb losses or gains that may occur while Company’s of its Crude Oil is while in storage (such losses or gains, the “Storage Variations”), except to the extent that Storage Variations result from Holdings’ negligence or willful misconduct or the negligence or willful misconduct of Holdings’ employees, agents, contractors or subcontractors. Each Month, Holdings shall determine for each grade of Crude Oil the physical inventory of such grade of Crude Oil in storage and calculate the Storage Variation for such grade of Crude Oil. Company’s inventory of each such individual grade of Crude Oil in storage at a Terminal shall then be adjusted each Month (increased or decreased) to reflect the Storage Variation.